UCO Bank touches 3-month high on plans to sell stake in 2 Steel Cos

Stock Market Up

The stock of UCO Bank reached 3 month highs. The sharp surge came after the company planned to sell its stake in 2 steel companies.

Cogencies reports that the stocks of UCO Bank hit a high of Rs 38.40. The consortium of lenders, led by UCO Bank, is looking forward to sell controlling stake in two East-India based private stainless steel companies.

The stake sale is planned to recover the combined debt of Rs 3150 Cr. The two companies are BRG Iron& Steel Co. And Bhuvee Stenovate, a part of BRG Group, a prominent stainless steel player based out of West Bengal.
UCO Bank is currently trading at Rs 35.8, up by Rs 2.45 or 7.35% from its previous closing of Rs 33.35 on the BSE.
The scrip opened at Rs 33.6 and has touched a high and low of Rs 38.4 and Rs 33.15 respectively. The promoters holding in the company stood at 80.5 % while Institutions and Non-Institutions held 13.49 % and 6 % respectively.





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